The market for new condominiums is now a quarter of the size of the Manhattan market by transaction volume

With more than 600 listings closed or in contract in 2015, the market for new developments in Brooklyn is now 25% as large as the Manhattan market by transaction volume, up from 10.5% in 2014, according to a year-end report from Halstead Property Development Marketing.

The market for new developments is unique in that closings typically don’t occur until 12 to 18 months after the buyer enters a contract.

Here are a few of the report’s highlights:

• The average price per square foot for listings in contract in Brooklyn was $1,335 in 2015, up 18.2% over the previous year.

• An average of 51 units were sold per month in Brooklyn, compared with 201 units sold per month in Manhattan.

• Brooklyn saw a sharp increase in sales within the $2 million to $4 million range, with 149 units closed or in contract in 2015, compared with 42 units in 2014.

• Two-bedroom units had the most deal volume by unit type in both boroughs.